Finance Product Details
FHA Section 203(k) "Streamlined (K)" Limited Repair Program by imortgage
Lender: FHA Section 203(k) "Streamlined (K)" Limited Repair Program by imortgage
Verified by Lender on: 9/21/2016
The data provided is for informational purposes only. For actual loan terms specific to borrowers, contact the lender directly.
Property Types
Sponsor:
Financing Type
Financing & Payment Information
Rate (APR):
Market Rate
Term (years):
years
Minimum Amount:
$0
Maximum Amount:
N/A
Fees:
One-time fees
Down Pmt. Required:
No
Re-pmt. Method:
Unknown
Pmt Frequency:
Pre-pmt Penalty:
No
Allowable Projects
Other Program Requirements
Financing Approval Time
Equity in Property Needed
No
Other Variations of this product
FHA Section 203(k) "Streamlined (K)" Limited Repair Program by imortgage
Property Types | ||
Sponsor | ||
Financing Type | Secured loan | Secured loan |
Term (years) | 15, 30 year(s) | year(s) |
Rate (APR) | Market Rate | Market Rate |
Min. Amount | $5,000 | $5,000 |
Max. Amount | $35,000 | $35,000 |
One-time Fees | Varies | No |
Ongoing Fees | No | No |
Description | The Federal Housing Administration's (FHA's) Streamlined 203(K) program helps homeowners finance up to an additional $35,000 to repair, improve or upgrade their home as part of an FHA-insured home purchase or refinance mortgage. Upgrades can include energy upgrades and renovations that do not require structural engineering. The actual mortgage loan is provided through an FHA-approved lender, such as imortgage, and the FHA provides mortgage insurance to reduce the risk of the additional project cost to the lender. A Streamlined K may be paired with an Energy Efficient Mortgage in some cases in order to get additional funding for improvements. As with any typical mortgage, the Streamlined K can be structured in many different ways that may include closing costs, fees or points. | The Federal Housing Administration's (FHA's) Streamlined 203(K) program helps homeowners finance up to an additional $35,000 to repair, improve or upgrade their home as part of an FHA-insured home purchase or refinance mortgage. Upgrades can include energy upgrades and renovations that do not require structural engineering. The actual mortgage loan is provided through an FHA-approved lender, such as imortgage, and the FHA provides mortgage insurance to reduce the risk of the additional project cost to the lender. A Streamlined K may be paired with an Energy Efficient Mortgage in some cases in order to get additional funding for improvements. As with any typical mortgage, the Streamlined K can be structured in many different ways that may include closing costs, fees or points. |